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  1. #1
    Join Date
    Apr 2008
    Posts
    1

    Default Short Sale To Myself After Bankruptcy?

    My question involves a foreclosure in the State of: CA

    So my chapter 7 is complete I still have a great job but I want to write a letter to my mortgage company and tell them I want to re-affirm my property at the current home prices. I owe 360 on a house thats worth 230. Is there any chance I can ask my lender to reaffirm the property at the current rate? I guess my other option is to walk away or have a friend buy it for me at a shortsale price.

    Your thoughts please?

    S

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Short Sale To Myself After Bankruptcy?

    first, the bank still has a lien on the property so you cannot short sale the property to anybody without the lenders approval.

    what was the disposition of the house from the bankruptcy?

  3. #3

    Default Re: Short Sale To Myself After Bankruptcy?

    Quote Quoting bkinca
    View Post
    I guess my other option is to walk away or have a friend buy it for me at a shortsale price.

    Your thoughts please?

    S
    I don't know if I'd go that route.... Your lender probably wont approve a short sale without being a few months behind. I personally had short sold my property without being in default, but my excuse was an exception. I told them I worked on a commission only basis and wasn't making any sales and was running out of reserves....

  4. #4
    Join Date
    Mar 2008
    Posts
    21

    Default Re: Short Sale To Myself After Bankruptcy?

    Quote Quoting acuraintegralove
    View Post
    I don't know if I'd go that route.... Your lender probably wont approve a short sale without being a few months behind. I personally had short sold my property without being in default, but my excuse was an exception. I told them I worked on a commission only basis and wasn't making any sales and was running out of reserves....
    Did you get a 1099 for the difference in what you owed and what the sale was?

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